E-cheque is an electronic version of a paper cheque. It has the same signatures and endorsements. Instead of handwritten or machine-stamped signatures, it has digital signatures, using smart cards and digital certificates. E-cheques are signed by the person who is paying and endorsed by the person who is receiving the money.
Question 1: Does an electronic cheque clear immediately?
Once you make an e-cheque payment, you usually get a receipt right away that you can print and save as a PDF. It might take 24-48 hours for your money to clear the bank and show up in the other person’s account.
Question 2: Is it safe to pay with an e-cheque?
E-cheque is a safe payment method when the payment processor does it right. If there are electronic encryption standards to protect customers’ information and to prevent fraud, e-cheque is an extremely safe payment method.